Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Seascape Capital Management

Seascape Capital Management raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,798 shares of the software maker’s stock after acquiring an additional 706 shares during the quarter. Seascape Capital Management’s holdings in Fortinet were worth $3,666,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new position in Fortinet during the fourth quarter worth $46,000. Finally, R Squared Ltd purchased a new position in Fortinet during the 4th quarter valued at about $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $111.64 on Friday. The firm has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a one year low of $54.57 and a one year high of $112.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business has a fifty day moving average price of $98.60 and a 200-day moving average price of $86.57.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTNT. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. BMO Capital Markets increased their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.72.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.